Ethinrules

Hello, I had an es300 from 97 with 120,000 miles on it running like a champ when some jackass tboned me. Since losing this car, I have driven many vehicles, including a new camry, and have been very unhappy with the ride and feel of the cars I've driven. I just need a G@D DA#N lesxus again. I received 5 grand for my totaled es300 from the jerk-that-t-boned-me's insurance. I spent 2 grand of my compensation on a bunch of school/work stuff, and currently am looking to put the other 3 down on a new(er) vehicle. I am considering two vehicles, a 1998 gs400 with 56k miles and a certified pre owned 2009 es350 with 35k miles. The gs is $10K, the es is $23k. For the first time in my life, I have a reguarly income of about 3 grand a month before taxes. I am a new teacher in grad school with loans, which I wont be starting to pay on for another two years. However, these loans are causing me to have bad interest rates everywhere I go, (I mean everywhere!) even on newer car. No chance of anyone cosigning for me. With my credit, after the three grand down, the gs400 would be about $160 a month for 6 years. After the 3 grand down, The es350 would be around $470 a month for 6 years, plus obviously gap coverage. Would the newer aged, lower miles, certification, and three year warranty of the es530 make it a better candidate, or would the much cheaper gs with potential for more repairs make more sense? I imagine both cars should be able to last six years for me, if my last cars lifespan expectancy is any indication.

tmf2004

iTrader: (15)

With the GS400 at 56k miles there is still plenty of life left in that vehicle. Lets not forget the lower car payment compared to the newer ES350. The GS has the looks, power, and reliability just like any other lexus.. Plus the GS is more fun to drive.. Trust me..

lextout

I fully agree x2

mlacomb

I wouldn't finance the GS; if you absolutely have to get a loan for a car go for the newer one. There will be less chance of you having a major issue (granted, I know - they're both Lexus) and having unexpected bills.

Of course, you're the only one who can judge your personal finances - but remember the cost in 2 years of you having the school loans as well. Maybe try to find an older ES like you used to have? You might even be able to just get a personal loan from the bank for 5k or so if needed.

frantinez

iTrader: (3)

I agree. You may have to fix the occasional issue but you're saving 300+ per month for a more fun to drive car.

And, thates350 will depreciate more overall than the gs4. Buy the gs4, sell it in 4-5 years for a few grand when your credit has improved.

cl206

Price wise the GS with 53 miles looks very cost effective b/c 53k miles isn't a lot. I mean 160 vs 470 a month? That's typically a no brainer. I would suggest taking a look at the carfax and maybe getting someone else to look at the cars. CPO can mean nothing as some have debated here lol.
See if you can check the maintenance done on the cars. I would take a car that was regularly maintained (such as oil changes etc vs one that wasn't) Good luck!

BayAreaLex

100% keep the GS400, no debate.

ls400love

iTrader: (3)

I have seen the same car on craigslist here in IL and i would be hesitant to buy a car with such low miles. I believe it's better for a car to be driven than sitting. With that being said, 56k miles is very low. I would only consider that car if it was kept in a heated garage its entire life. Good luck in your car search and I completely agree that the gs400 is better fit for your situation.

SW17LS

Are you certain you could even get a loan on something as old as the GS?

Joeb427

iTrader: (1)

and for 6 years with a decent finance rate?

Arcadian

Get the GS. Besides being cheaper, it's a whole different driving experience. The GS400 is a performance oriented, grand-touring car. Other than the front suspension (lower ball-joints and lower rear arm bushing) a GS is bullet-proof. 56K is nothing on a maintained GS, in fact at that mileage it's practically a new car by Lexus standards. Get the GS now!

Ethinrules

Good point. didn't occur to me that it may be unlikely to receive financing. Every used car I've looked at has had horrible rates, (14%) which is why I was thinking a $7000 would be so much better, but this whole question is moot, if I can only get the 14% financing for the 09. Even so, I could do four years, and have it still be less than half what the es would be (a little over 200 a month), but that's only if financing for 48 months was available on such a used car, which...may not be?.

ArmyofOne

Honestly...you asked...so here comes my take. And there are MANY here who know I am more than well qualified to give it.

Take your 3k cash, and buy something used with no payment. With what you say you have coming down the tubes, this makes the most sense. It might not be a Lexus (In fact I would stay away from a Lexus for 3k unless you are looking for a project), but there are plenty of 1998 Honda Civic's out there that will run FOREVER with minimal money out of pocket.

I see you are considering financing a 1998 (read 14 year-old) car. Not only am I wondering what bank would finance that, but also question the establishment trying to sell it to you. You will be paying on it for 6 years...meaning when you are done you will have paid $10,000 for a 20-year-old car. Looking at it that way, it doesn't make a whole lot of sense.

Of the 2 choices, The ES350 is the better deal, but costs more. At the end of it, you will have an 8 year old car (at most), that you paid $28k for. at 8 years old that ES will still be worth what the 20 year old car is worth now, plus maybe some.

Ethinrules

Thanks for the reply. Thing is, I need to start establishing credit at this point, so I can not get destroyed when I buy a house in about two years, and get a mortgage. That way I can not continue renting for 1000 a month. As a special education teacher in Illinois, teaching in a low income district, I recieve $10,000 for my house down payment. So buying a used car for three grand won't establish credit. With so much student loans, even in good standing, my debt to credit ratio is junk, and it's not likely to change for at least 3 years, when I start paying on my loans. I even get turned down for secured credit cards(something I didn't believe was possible). However, I will be spending much more than 28,000 on the newer car, at those (14%) rates for 6 years, I actually end up spending 34,000 on it. This insane considering the older model. But if my rate for a car loan is that bad, imagine how bad my mortgage will be for 30 years if I don't start establishing credit now.... I was looking at some cars that were a little less luxurious than lexus, however, due to back problems, it looks like I really need to be in the market for cars with softer, higher quality leather, otherwise I tend to be extremely uncomfortable when driving. Even at those crazy rates, however, it is likely to be worth it to have a much better mortgage rate in a couple years.

sanjaysdca

I would also lok at new 2012 es and see if you can get low interest rate from lexus financial. You night be in the same ballbark for monthly pmt. it may be a long shot but may be worth trying IMHO.